Press Release

Ambac Financial Group, Inc. Conference Call to Discuss Third Quarter Earnings Set for October 25, 2006 at 11 A.M. EST

NEW YORK, October 6, 2006 -- Ambac Financial Group, Inc. (NYSE:ABK) announced that it will host a conference call for investors on October 25 at 11 a.m. EST to discuss third quarter 2006 earnings which are scheduled to be released at 8 a.m. that morning. The dial in number for the call is 877-407-8035 (domestic) and 201-689-8035 (international).

The conference call will also be broadcast live on Ambac's website at www.ambac.com.

Beginning at 2 p.m. on October 25, and running through November 3, the conference call will be available in replay. The replay numbers are 877-660-6853 (domestic) and 201-612-7415 (international). The account and confirmation numbers for the replay are 286 and 192416, respectively. A recording will also be available on Ambac's web site approximately one hour after the end of the conference call.

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Ambac Financial Group, Inc., headquartered in New York City , is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac Assurance Corporation is the principal operating subsidiary of Ambac Financial Group, Inc. Ambac Assurance, a leading guarantor of public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. .